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Moody's upgrades Ineos
Moody's Investors Service said it upgraded Ineos Group Holdings plc's first-lien senior secured bank facilities and notes by one notch to B1 (LGD3, 30), its 2015 second-lien senior secured loans by one notch to Caa1 (LGD5, 73) and its 2016 senior guaranteed notes by one notch to Caa2 (LGD5, 88).
The action was in conjunction with the upgrade of the corporate family rating by one notch to B3, according to the agency.
The outlook is stable.
Moody's said the upgrade of the corporate family rating to B3 follows strong operating performance in 2010.
The refining business remains affected by the overcapacity in Europe and there is likely to be only a modest recovery in margins from the current levels in the near term, the agency said.
The rating is also supported by expectation that Ineos will continue to deliver on its deleveraging focus.
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